Vatican City.
Vatican City: Vatican is the smallest country in the world. It is also the spiritual center of the Roman Catholic Church all over the world. In the current era, this country is facing a serious economic crisis. Despite this, this country neither collects taxes from its citizens nor issues government bonds. Most of its income is dependent on donation, which is decreasing year after year.
Who donates to Vatican City
Under the Canon Act, bishops around the world donate a fixed fee to Vatican City every year. The total income of Vatican in 2021 was $ 87.8 million. But the expenditure was more than this. Let us know that out of this amount of $ 2.2 million, one-third of the contribution was given by the American bishops.
Peter’s Pence
It is an annual donation taken on the last Sunday of June. On an average $ 2.7 million is received from the US in this form, which is more than 50% of the total global contribution. Now this item is also seeing a steady decline.
Other sources of Vatican income
Other sources of Vatican’s income include ticket sales and benefits from investments and income earned from fare from real estate assets. Its has 4,249 properties in Italy and more than 1,200 properties in London, Paris, Geneva, Switzerland etc. Of these, only 20% of the assets are rented at the market rate, while there is no rent from 70%, as they are used by church and Vatican offices. Apart from this, the remaining 10% Vatican employees have been rented at discounted rates.
Earning $ 3.99 million from real estate in 2023
Vatican City earned $ 3.99 million from real estate in 2023. The number of people visiting the US and Europe is being recorded rapidly. The churches that are frequently filled first are now getting empty.
“Business” of the people of Vatican City
The residents of the Vatican City have no traditional “business”. People here are engaged in special types of religious and administrative roles. Most people are priests, bishops, cardinals and other religious officers. These people are involved in the teachings, ceremonies and policy-making of the Catholic Church. Apart from this, other are associated with administrative and cultural works.
What is the challenge in front of the new pope
The new Pope Leo is now a big challenge to bring the weighty economy back on track in front of the 14th. Now they will have to connect new donors from outside America, which is not an easy task. Apart from this, transparency and trust will have to be made new donation-policy at the global level. (AP)
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